FINANCIAL RELEASE AS OF 31 MARCH 2021 [1]
Groupe ADP consolided revenue - Groupe ADP traffic [2] [3] : decrease by -60.2% [4] over the first quarter of 2021 compared to the first quarter of 2020, at 24.9 million passengers. It stands at 33.2% of the first quarter of 2019 group traffic;
- Paris Aéroport traffic (Paris-Charles de Gaulle and Paris-Orly): -75.1% over the first quarter of 2021 compared to the first quarter of 2020 at 4.7 million passengers. It stands at 19.7% of Paris Aéroport's first quarter of 2019 traffic;
- Consolidated revenue down by -48.0% over the first quarter of 2021 compared to the same period in 2020, at €474 million, due to the important impact of the Covid-19 pandemic on the revenue from aviation and retail activities in Paris as well as from TAV Airports and AIG on the international level. Sales/Pax [5] of airside shops has risen by 31% to €26.1. Real estate's revenue showed some resilience, while revenue from other activities were up due to the good performance of Hub One.
Groupe ADP revenue by segment for the first quarter of 2021 compared to the first quarter of 2020
| (in millions of euro – unless otherwise stated) | Q1 2021 | Q1 2020 | 2021/2020 |
| Revenue | 474 | 911 | -48.0% |
| Aviation | 179 | 376 | -52.5% |
| Retail and services | 135 | 297 | -54.5% |
| of which Société de Distribution Aéroportuaire | 41 | 133 | -69.4% |
| of which Relay@ADP | 3 | 15 | -78.3% |
| Real estate | 83 | 83 | +0.2% |
| International and airport developments | 88 | 182 | -51.8% |
| of which TAV Airports | 60 | 118 | -49.4% |
| of which AIG | 19 | 45 | -57.3% |
| Other activities | 41 | 35 | +17.0% |
| Inter-sector eliminations | -52 | -61 | -15.3% |
Augustin de Romanet, Chairman and CEO, stated:
"Over the first 3 months of 2021, group traffic is down by 60.2% compared to the first quarter of 2020, with a total of 24.9 million passengers and traffic at Paris Aéroport is down by 75.1%, with 4.7 million passengers. The crisis linked to the Covid-19 pandemic continues to affect the aviation sector and weight on the resumption of the traffic. All the group's activities have been heavily impacted over the 1st quarter of 2021 and the consolidated revenue has decreased by 48.0% over the first 3 months of 2021, at €474 million. Nevertheless, the strong increase in the Sales/Pax, of almost 31% compared to the first quarter of 2020, at €26.1, confirms the strength of the travel retail business model of the Parisian platforms. The group is continuing its efforts to stabilize its financial position by carefully managing its expenses and demonstrating agility and flexibility in the management of its infrastructure. In addition, Groupe ADP maintains a solid cash position, ensuring a satisfying level of liquidity. The group confirms its traffic assumptions and forecasts and anticipates a return to 2019 traffic levels in Paris between 2024 and 2027. In this context, the objective of a net financial debt [6] /EBITDA [7] ratio of 6x to 7x by the end of 2022 is maintained."
[1] This document is voluntarily made by Aéroports de Paris. See article 10 of the AMF recommendation - Guide de l'information périodique des sociétés cotées (DOC-2016-05).
[2] Group traffic @100%. Group traffic @100% includes the traffic of Delhi International Airport Limited (DIAL), Hyderabad International Airport Limited (GHIAL) and Mactan-Cebu International Airport as of 1st January, 2019. For more details on the stake acquisition in GMR Airports, see the press releases of 20 and 26 February, and 7 July 2020).
[2] Group traffic @100%. Group traffic @100% includes the traffic of Delhi International Airport Limited (DIAL), Hyderabad International Airport Limited (GHIAL) and Mactan-Cebu International Airport as of 1st January, 2019. For more details on the stake acquisition in GMR Airports, see the press releases of 20 and 26 February, and 7 July 2020).
[3] Excluding the favorable scope effect of the integration of GMR Airports, which were not part of the Groupe in January and February 2020, the decrease in group traffic would be -70.6%.
[4] Unless otherwise stated, percentages and variations mentioned throughout the press release are comparing data for the first 3 month of 2021 with equivalent data for the year 2020.
[5] Sales in airside shops divided by the number of departing passengers (Sales/PAX).
[6] Gross debt less fair value hedging assets, cash and cash equivalents and restricted cash.
[7] Revenues and other ordinary income reduced by operating consumables and expenses from ordinary activities excluding depreciation and amortization of tangible and intangible assets.
